HomeMy WebLinkAbout37 - Agreement for Purchase and Sale and Escrow Instructions with 3848 Campus L.P. for the Purchase of Real Property at 3848 Campus Drive - PowerPointleowpo,
PURCHASE OF 3848 CAMPUS DRIVE
CITY COUNCIL
August 26, 2025
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3848 CAMPUS DRIVE
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Existing Use: Mixed Use
Commercial
Size: 53,297 sq ft
Building: 32,283 sq ft
2-Stories
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Proposed Use:
Municipal — Public Facilities
Or Transit
ESCROW TIMELINES & MILESTONES
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Day 0 —
Opening
of
Escrow
• $180,000 Deposit
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• $50,000 Released
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DC-
• $130,000 Released
Day 200 —
Due
Diligence
Period
Expires
• Decision Point:
• Approve Property
Close Escrow
• Do not approve
Property
Terminate
Option Option
Extension Extension
1 (Day 2 (Day
200-270) 270-360)
• $86,000 Deposit • $86,000 Deposit
Day 201 —
Close of
Escrow
• Fund Balance and
Closing Costs
� Day 361
—Close
` of Escrow
4
FUNDING SUMMARY & ESTIMATED COSTS
PURCHASE PRICE
Initial Earnest Money Deposit
Non -Refundable Release (Day 120)
Non -Refundable Release (Day 200)
Optional Extension Deposit 1 ( Days)
Optional Extension Deposit 2 (90 Days)
DUE DILIGENCE
CLOSING COSTS (City's 50% share)
TITLE INSURANCE ENDORSEMENTS
PRORATED PROPERTY TAXES
RELOCATION PLANNING CONSULTANT FEES*
UNANTICIPATED COSTS
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COST OR ESTIMATED COST
$11,500,000
$180,000
[$50,000]
[$130,000]
$86,000
$86,000
$150,000
$15,000
$11,500
$35,000
$175,000
$50,000
TOTAL: $11,936,500
THANK YOU
City Council
August 26, 2025
Lauren Wooding Whitlinger, Real Property
Administrator
949-644-3236
Iwooding@newportbeachca.gov
DUE DILIGENCE
Environmental Assessment
At AWL
Building Assessment
q Site Assessment
Legal Review
C' Financial Review
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Phase I ESA
Phase 11 Investigation
Hazardous Materials Survey
Building Condition Inspection
ADA Compliance Inspection (CASp)
ALTA Survey
ADA Compliance Inspection (CASp)
Title condition
Lease review
Relocation Plan
Lease review
Rent Roll, Income Statement
Security Deposit
Profit/Loss Statement
FEASIBILITY ANALYSIS
Operational
Needs & Site
Suitability
Connectivity and
accessibility
Site size and layout
Existing infrastructure
Safety and security
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Environmental
Impact
Assessment
Compliance with
CEQA
Traffic impact study
Air quality and noise
pollution
Land use and zoning
Natural resource
impacts
Financial &
Economic
Analysis
Site acquisition costs
Construction and
development costs
Operational and
maintenance costs
Benefit -cost analysis
Community &
Social Impacts
Community impact
assessment
Environmental justice
Public engagement
and outreach
Regulatory
Compliance
Permitting and
approvals
Federal and state
regulations
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